Sheikh Mohammed reacts to Uber-Careem deal

MAGNiTT News khaleejtimes.com - 1 year ago - Thu, Mar 28, 2019, 7:02 AM

 Sheikh Mohammed reacts to Uber-Careem deal
Author: MAGNiTT

By: Khaleej Times

 

SOURCE: Khaeej Times -  Sheikh Mohammed reacts to Uber-Careem deal


"20 years ago, we established an Internet and e-commerce city in Dubai's desert. Many questioned the idea," he tweeted.

His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of UAE and Ruler of Dubai, on Tuesday shared his thoughts about global ride hailing company Uber acquiring UAE-based Careem.

"Twenty years ago, we established an Internet and e-commerce city in Dubai's desert. Many questioned the idea. Today, Uber acquired Careem for AED11 billion. Recently, Amazon acquired Souq, also a multibillion-dirham deal. These companies emerged from the 'deserts' of Dubai," Dubai Media Office tweeted, citing Sheikh Mohammed.

Uber and Careem on Tuesday reached an agreement for Uber to acquire Careem for $3.1 billion, consisting of $1.7 billion in convertible notes and $1.4 billion in cash.

The acquisition of Careem is subject to applicable regulatory approvals. The transaction is expected to close in Q1 2020.

Uber will acquire all of Careem's mobility, delivery, and payments businesses across the greater Middle East region, ranging from Morocco to Pakistan, with major markets including Egypt, Jordan, Pakistan, Saudi Arabia, and the United Arab Emirates.

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